Savings

I've been bragging about my win but dh is completely in charge of that side of things. He spends ages in the study playing about! And, it stops him bothering me!!

He usually spots when my perfume is getting low and replaced it. I bought it today and was very glad for my win.

I'm waiting on a couple of PPI's before perfume buying then I'll know I'll get the right one instead of one " which will do ".

Our meagre savings are also in Premium Bonds. Like Luckygirl couldn't be bothered to keep shopping around for better rates, and happy with the odd win. ISAs not worth it if you don't earn enough interest to pay tax on it. Have far more concerns than how to make money in my old age.

Good advice here!! We had £30,000 in pb and won virtually every month, mainly £25, £50 and £100 a month. I don't know what that means in terms of return but it was nice receiving the envelopes and having the thrill of hoping it was a big win.

Thank you all SO much for your replies. We already have Nationwide account. Must admit hadn’t given PBS much thought although we do already have some but haven’t won anything for ages and then only the odd £25! It would certainly be easier than the faff I fell we’re having at the mo trying to decide. When I started this a few weeks ago, best account was Metro and they’re going down the tubes now. 7%, of course, sounds wonderful!

Newquay please tell me about Metro bank, DS has just suggested putting some money there.

Well I have about £360 in £2 coins a little box in the bottom of my pouffe. I'm saving it for the DGC and not sure if I should maybe move it to under the bed?

What a dilemma.

It's all going pear shaped! Someone will give you more info but avoid it.

Gillybob?

My DS won £1000 when he was a little boy. My Grandmother had bought him some premium bonds.
His big win had the unfortunate effect of him deciding at age 7 that he would never have to work for a living so he didn't work at school! Argh. He regrets it now.

We have most of our savings in Premium Bonds. They give a better return than bank accounts. I have a savings account with Nationwide which pays 5% but it's an account for people who have banked with them for a long time.

There are 5% regular savings accounts linked with current accounts at nationwide, m and s and Santander which we’ve used over the last 5 years. Even saving the max £250/£200 pm with each account has kept us below the £1000pa savings interest tax so they’re better than any ISA or PB and without the risks of the stock market.

Some of these accounts may have restrictions now for new applicants but surely worth spending an hour checking them out?

If Premium Bonds give an average return of 1.4% (as at present), this means that, because there are some big wins, most people will get less than the 1.4% or even nothing at all. What you're doing is gambling with the interest, and you have to accept the risk of losing your interest, along with the chance of getting lucky.

It is usually best to spread the money - have some of it in a fixed interest easy access account, some in longer term higher interest bonds, and some to "play" with on the stockmarket. Even with all the ups and downs the stockmarket usually hugely outdoes any other savings. Personally I keep a year's expenses in an ISA which is tied up but could be accessed in an emergency (with loss of some interest), some in rental property and the rest on the stockmarket, albeit in lower risk funds. This gives me a good return in general, I aim for between 5 and 10% overall. Of course it depends how much you have - getting 5% more on £2000 (£100 pa) doesn't really matter, compared to £500,000 (£25,000 pa) which can make a huge difference!

I know nothing about the cryptocurrencies. I tried to learn following the market without success. Is it a failure?

Ooh to have these dilemmas! I wish.

Years ago in an attempt to cheer me up, my husband assured me that ‘you can’t be lucky in love and money!’ and like a sad cow I believed him (not really but hey, he was trying to lighten our outlook).
?

My late pa-in-law used to invest in gold and after he died there were dozens of sovereigns in the safe which at the time I traded in and used the cash for roof repairs and a full renewal of the electrics among other things.

I wish I had that amount now and often think back that even then I was probably ripped-off because of the dates on certain coins which would have added more value. It saved us using savings at the time though.

Never regret spending money on what you need at the time EllanVannin. I’m a great saver but it’s for spending not hoarding- no point being the richest person in the graveyard!

I could be something which does not match you. However do not give up. Nowadays there are so many platforms and the stock market is not the only possibility. Besides, the stock exchange is so boring.

We had granny bonds and ISAs, but I just got muddled with it all trying to remember what I was meant to be doing when - letters would arrive and I would have to try and find the paperwork etc. - I truly find it so much easier with PBs and we are, as I said, getting 1.8% tax-free, easy-access. It will all have to be drawn out soon to pay for OH's care anyway.

What are these platforms? I didn’t grasp this point

Lucky 1.8% EA sounds good, where is that? I would move EA money to it as I only have 1.5%.

Anyone earning £1000 pa in interest doesn't need to have ISAs because they don't pay tax on the first £1000

You do not get 1.8% with Premium Bonds. You gamble with the interest, which means you may get a big win or you may get nothing. The average currently works out about 1.4%, but because they pay out some very large prizes, most people get less than the average. An investor may achieve 1.8% over a few years, and then 0% for the next few years. Don't look on PB as a safe way of protecting the value of your savings - your capital is safe but that's all.

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Indeed? Sounds great! Could you specify its name? It is available for anybody or is it a kind of “high society club”?